Chapter 8: Inflation theory
Not much has been said so far about price inflation. The main references to inflation were made in Chapter 6, when discussing Joan Robinson’s inflation barrier, Duménil and Lévy’s adjustment mechanism towards the normal rate of utilization and Dutt’s adjustment mechanism bringing aggregate demand towards aggregate supply. Some hints about the impact of inflation on the prices of imported raw materials or intermediate commodities were also mentioned in Chapter 7. It is now time to say more about wage and price inflation.
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